GuocoLand Ltd. is issuing S$170 million of 3.85% bonds due February 2023, with a June 15 settlement date, The (Singapore) Business Times reported.
The issue's net proceeds will be used as general working capital, including for debt refinancing and corporate requirements.
Local banks DBS and OCBC serve as joint lead managers and book runners of the issuance, according to the June 9 report.
The publication noted that during the first six months of 2017, GuocoLand conducted three note issuances in Singapore dollars and one in Hong Kong dollars. DBS was the sole arranging bank for the Hong Kong dollar issuance, and it was also involved in two of the three issues in Singapore's currency.
As of June 9, US$1 was equivalent to S$1.34.